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LBI Bayside Flood Insurance

Nathan Colmer

Cell: 609.290.4293 | Office: 609.492.1511

 

 

 

 

LBI Bayside Homes and Flood Insurance

Flood insurnace is an important topic for all buyers and sellers to understnad. It is especially imporant when looking for a home on the bayside or bayblock areas of Long Beach Island. Read on to learn more about Long Beahc Island flood insurance and how it relates to investing in the LBI real estate market.

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

Learn More About Flood Insurance and LBI Bayside Homes Below

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

Flood Insurance and Bayside Homes

Flooding is a somewhat common occurrence on any barrier island. It is important to remember that Long Beach Island is an island surrounded by the Atlantic Ocean and Barnegat Bay. Therefore, occasional flooding is a fact of life. While hurricanes, such as Hurricane Sandy, certainly captured national attention, flooding is far more likely to occur from a strong nor'easter or even a high tide and full moon combination. For this reason, understanding the different areas of Long Beach Island and where it is likely and where it is not expected to flood, is an essential step to buying a home in the LBI real estate market. Flooding can happen anywhere on Long Beach Island, but some areas are more prone to it than others. Generally speaking, the bayside is more at risk than their oceanside counterparts. The risk of flooding can further be broken down to Long Beach Island's sections, some of which were built on natural marshes, and therefore retain their potential for flooding. These characteristics all come into play when determining the cost of flood insurance. I have written many articles about flood insurance and what goes into writing a policy. However, essentially a home's first-floor elevation in conjunction with the current building codes will determine flood insurance costs.

Flood insurance is directly linked to home values in the LBI NJ real estate market. Homes that are at or above the new base flood elevations tend to be an easier sale and are therefore worth more in the current market. Homes below base flood elevation still have value, but additional "homework" is needed to determine the new flood insurance rate and if it makes financial sense to raise the existing house.

There are three key points to consider when considering buying a home in the LBI real estate market. They are:

The style and layout of the home

The condition of the home

The location

Older homes, especially those on the bayside that are not elevated, may be at risk of sustaining a higher flood insurance cost. The additional cost can be significant and should be factored into a decision. Even newer homes, built within the last ten years, can have some condition issues as styles and market trends change. Purchasing something too specific for the market can result in a poor investment. Above all else, the property's location is the primary determinant of value in the LBI real estate market. Therefore, purchasing a home in a good location is vital.

Bayside homes, and in some cases Bay block homes, are located west of Long Beach Blvd. and require the crossing of the main road. When looking at a Bayside home on LBI, it is helpful to keep in mind that proximity to a traffic light can make crossing Long Beach Blvd. much more manageable. The Bayside offers a quieter area than most Oceanside or ocean block locations, and many Bayside homes will have a nice view of the bay and sunset. The ground elevations tend to be lower on the Bayside. Therefore, it is crucial to check elevation levels relative to the cost of flood insurance. Bayside homes will commonly be less expensive than those on the Oceanside or ocean block.

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

LBI Flood Insurance

Flood insurance rates are based on the property’s elevation above Base Flood Elevation or BFE. Generally speaking, the higher a property is above BFE, the lower the rate will be (up to 3 feet above BFE). On the other side of the coin, the lower below base flood elevation, the higher the flood insurance cost will be. Special conditions will apply when rating flood insurance costs on Long Beach Island, such as: 

Does the property have a basement (and believe it or not, there are homes on LBI that have basements)

The number of flood vents in the foundation

If the crawlspace below the grade of the property

The flood zone in which the property is located.

Remember: The actual costs of flood insurance are nearly impossible to estimate in the absence of a flood elevation certificate. This document, which can be obtained from a survey company, tells the ground elevation and any special conditions that will impact the flood premium on LBI. 

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

LBI Flood Zones

The base flood elevation of a home is determined by combining the ground elevation with whatever foundation is present on the house. Some areas of LBI are located at higher natural elevations, which creates the need for flood zones. Flood zones were established by the National Flood Insurance Program (NFIP) and the Federal Emergency Management Agency (FEMA) to help understand the risks associated with areas of the United States located in a flood zone. Surprisingly, according to FEMA, we ALL live in a flood zone. The delineation occurs when determining if we live in an area of low, moderate, or high risk for flooding. Long Beach Island is grouped into two primary flood zones. They are an “A” flood zone and a “V” flood zone. Interestingly enough, there are even a few “X” zones on LBI which require little to no flood insurance!

FEMA defines an “A” and “AE” flood zone as having a 1% chance of an annual flood (it is partly from this definition that the term “100-year storm” comes from when speaking of Hurricane Sandy). Homeowners in an “A” or “AE” flood zone on Long Beach Island can expect the following:

Flood insurance rates will be less expensive than a “V” zone.

Building codes will be less restrictive than a “V” zone.

Breakaway wall foundations are not required (although they are recommended).

Flood insurance in an “A” or “AE” flood zone is less expensive than a “V” zone due to FEMA’s interpretation that flooding when it occurs, will be less destructive. For a property to be in a “V” zone on LBI, FEMA must ascertain that the subject property will sustain the direct impact of a 3 foot or higher wave. In the eyes of FEMA, properties on LBI in an “A” or “AE” flood zone do not share this risk. It is for this reason that homes in “A” and “AE” flood zones can be built on a solid block foundation with flood vents rather than the breakaway wall system required in a “V” zone

 

 

 

Popular LBI Bayside Topics

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

 

Search Bayside Homes For Sale on Long Beach Island

Browse the current inventory of bayside homes available for sale in the LBI NJ real estate market.

 

 

 

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What is "the bayside" on Long Beach Island?

Here you can browse updates on quarterly sales in the LBI real estate market town by town. You can browse past years updates as well to gain perspective on the current market trends we see throughout the Long Beach Island New Jersey real estate market.

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

LBI Real Estate Home Sale Information

Here you can browse updates on recent sales in the LBI real estate market. You can browse past years updates as well to gain perspective on the current market trends we see throughout the Long Beach Island New Jersey real estate market.

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

Long Beach Island Flood Insurance Information

Flood insurance has become an important topic for both buyers and sellers in the LBI real estate market. Buyers and sellers should be aware of their flood zone, their flood risk and how this impacts home prices in the Long Beach Island real estate market. Learn the ins and outs of flood insurance and why it is so important to your LBI real estate transaction.

 

 

 

LBI Bayside Flood Insurance | LBI Bayside | LBI Bayblock Homes | LBI NJ Real Estate

Additional Information

Read more about the LBI real estate market and the market for bayside and bayblock homes on my Long Beach Island real estate blog.

 

 

 

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Your LBI Beach House is a Phone Call Away! Call Nathan Colmer 609-290-4293

Nathan Colmer

609.290.4293

ncolmer@vandykgroup.com

The Van Dyk Group

12800 Long Beach Blvd

Beach Haven Terrace NJ 08008

609.492.1511